Updated Duplex with Stilt
For Sale
$499,000
1480 1480/1482 Lura Ave, Fort Myers, FL 33916
Two separate residential units offer individual utilities, private laundry areas, and shared outdoor space.
Property Size1,760 SF
Price / SF$283.52
Days on Market15
Property Features for 1480 1480/1482 Lura Ave
General Information
Standard status
Active
Size
1,760 SF
Property subtype
Multi-Family
Units
Unit Mix
2 x 2BR/1BA
Multifamily Units
2
Additional Details
Utilities to Site
Yes
Amenities
shared deck
separate laundry rooms
Building Details
Year Built
1981
Buildings
2
Listing Agency:
Corkscrew Real Estate
(239) 351-4872
Listed By:
Gabriel Jorge · License #3484151
Source:
Swfloridarealestate
Added: Aug 18
Changed: Aug 31
Last Checked: Aug 31 at 6:58PM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Corkscrew Real Estate
Investment Insights
Based on property information with market context.
This duplex comprises two detached stilt residences, each measuring 880 square feet with two bedrooms and one bathroom. Both units include separate electric and water meters, while city sewer serves the property. Laundry and storage areas are positioned beneath the homes, and the residences share an elevated deck.
Property improvements include replacement of the stilt beams in 2020, impact windows and new siding, and a permitted roof replacement completed in 2022. One HVAC system was replaced in 2021, followed by additional storm-related roof work in 2023. The front residence received a bathroom update in 2021, and later work includes vinyl plank flooring, a 2026 kitchen renovation, and refreshed split storage-laundry areas. The property is located at 1480/1482 Lura Ave in Fort Myers, Florida, and was built in 1981.
Property improvements include replacement of the stilt beams in 2020, impact windows and new siding, and a permitted roof replacement completed in 2022. One HVAC system was replaced in 2021, followed by additional storm-related roof work in 2023. The front residence received a bathroom update in 2021, and later work includes vinyl plank flooring, a 2026 kitchen renovation, and refreshed split storage-laundry areas. The property is located at 1480/1482 Lura Ave in Fort Myers, Florida, and was built in 1981.
Key Highlights
- Two detached 880‑square‑foot stilt homes, each with 2 bedrooms and 1 bathroom
- Separate electric and water meters for each unit
- City‑sewer service
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$23,296
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
4.67%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$465,920
$465.9K
Cap Rate 7%
$332,800
$332.8K
Cap Rate 9%
$258,844
$258.8K
Market Conditions
NOI Build-Up for 1,760 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$34.8K $19.80/SF
− Vacancy
−$1.6K −$0.89/SF
EGI
$33.3K $18.91/SF
− OpEx
−$10.0K −$5.67/SF
NOI
$23.3K $13.24/SF
Area
Lee County, FL
Vacancy
4.50%
Lease Rate
$19.80 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$465,920
Cap Rate 7%
$332,800
Cap Rate 9%
$258,844
Alternative Uses
Best Use
Multifamily LT 5
$332.8K
$291.2K – $388.3K
NOI $23,296 @ 7.0% cap · market cap 4.67%
Second Best
Apartment 5plus
$308.4K
$269.9K – $359.8K
NOI $21,589 @ 7.0% cap · market cap 4.33%
Theoretical Best
Office A
$553.9K
$484.7K – $646.3K
NOI $38,776 @ 7.0% cap · market cap 7.77%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Yes
Utilities to site
Location Intelligence
Trade Area within ½ mile
501
Businesses Nearby
Explore this area
Business Placement
Demographics for 33916, FL
25,940
Population
12,480
Households
2.1
Avg Household Size
34
Median Age
21%
College-Educated
81%
High-School Grad
10.3 sq mi
ZIP Area
2,518
Density / Sq Mi
$49,353
Median Household Income
$32,770
Median Earnings
$1,363
Median Rent
$242,300
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Two separate residential units offer individual utilities, private laundry areas, and shared outdoor space.
Where is this duplex located?
The property is located at 1480 1480/1482 Lura Ave Fort Myers, FL.
What is the asking price?
The asking price for this property is $499,000.
What are key features of this property?
This property features: Two detached 880‑square‑foot stilt homes, each with 2 bedrooms and 1 bathroom; Separate electric and water meters for each unit; City‑sewer service
